Been there done that, I would suggest save for basic initial expenses, you should have a corpus of 3 years before you go independent. Be regular to invest in SIP's or some good stocks so you see appreciation and you manage an additional income when you go independent. I would say if you are sensible and dont go ballistic with splurging on starbucks coffee and the weekend binge drinking on high street, you should manage to save 1.5 Cr.
After having spent sometime in a Tier 1 firm, I recently went independent (10 yr + PQE). There are days which are frustrating infrastructure wise, but then the work keeps you excited each day and finally, it is your word that the client is trusting, not the counsel, not the partner. The struggle is real but so is the reward.
There are several factors you need to keep in mind. 1. Avoid lifestyle creep. The more money you earn, you will feel this urge to get nicer things. This might make your life more unaffordable. That's why there are so many rich people who seem to not have enough money. 2. Don't save to the point that living life is unenjoyable. Scrounging every penny to make your life uncomfortable is not wise in the long run. 3. While savings are important, also focus on increasing that income! Sometimes the only way to do that if your firm is not treating you right, is to jump and attain lateral growth.
I have been working in a Big 6 firm for the past few months now in their dispute resolution team, getting an annual package of around 16 LPA. I want to eventually start my own practice in NCR. How much can I save by PQE 8 - 10? How much does an SA, PA and Partner make in Dispute Resolution Teams in Big 6 firms?
My present expenses are slightly less than 50% of my monthly retainer and are as follows: Rent: 15k Electricity: 7k Misc. Utilities & Cleaning: 8k Car EMI (2 yr tenure) & Fuel: 15k Entertainment, Eating Out & Groceries: 10k
I believe that I will be able to ensure that the expenses do not increase (thereby bringing it down to around 25% of my monthly retainer eventually), at least for the next 4-5 years. Would love to hear from experienced people on how much I can save in the next 8-10 yrs and how much it would cost me to set up my own practice in NCR, ideally New Delhi.
After having spent sometime in a Tier 1 firm, I recently went independent (10 yr + PQE). There are days which are frustrating infrastructure wise, but then the work keeps you excited each day and finally, it is your word that the client is trusting, not the counsel, not the partner. The struggle is real but so is the reward.
I have 1.2 cr
If I had to do it again I would spend 15% more or earn 15% less but live better
1. Avoid lifestyle creep. The more money you earn, you will feel this urge to get nicer things. This might make your life more unaffordable. That's why there are so many rich people who seem to not have enough money.
2. Don't save to the point that living life is unenjoyable. Scrounging every penny to make your life uncomfortable is not wise in the long run.
3. While savings are important, also focus on increasing that income! Sometimes the only way to do that if your firm is not treating you right, is to jump and attain lateral growth.
Good luck!
I have been working in a Big 6 firm for the past few months now in their dispute resolution team, getting an annual package of around 16 LPA. I want to eventually start my own practice in NCR. How much can I save by PQE 8 - 10? How much does an SA, PA and Partner make in Dispute Resolution Teams in Big 6 firms?
My present expenses are slightly less than 50% of my monthly retainer and are as follows:
Rent: 15k
Electricity: 7k
Misc. Utilities & Cleaning: 8k
Car EMI (2 yr tenure) & Fuel: 15k
Entertainment, Eating Out & Groceries: 10k
I believe that I will be able to ensure that the expenses do not increase (thereby bringing it down to around 25% of my monthly retainer eventually), at least for the next 4-5 years. Would love to hear from experienced people on how much I can save in the next 8-10 yrs and how much it would cost me to set up my own practice in NCR, ideally New Delhi.